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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
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Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
technical analysis ethereum

Ethereum Price (ETH) Dives Below $200 & BTC Down 15%

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • ETH price declined heavily and broke the $220 and $210 support levels against the US Dollar.
  • The price is down around 15% and it even broke the $200 support area to move into a bearish zone.
  • There is a key bearish trend line forming with resistance near $210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to slide further below the $192 and $190 support levels in the near term.

Ethereum price is declining heavily and is already down more than 15% versus the US Dollar, similar to bitcoin. ETH price could continue to slide if it breaks the $190 support area.

Ethereum Price Analysis

After a short term upside correction, Ethereum price failed to gain traction above $235 against the US Dollar. ETH/USD started a fresh decline and broke a couple of important supports near the $225 and $220 levels. More importantly, bitcoin price failed near $11,000 and recently declined more than $1,000. The current price action is very bearish and it seems like ETH could continue to dive below the $200 support level.

During the recent slide, there was a break below a major ascending channel with support near $230 on the hourly chart of ETH/USD. It opened the doors for a fresh decline below the $220 and $210 levels. Moreover, there was a break below the $200 support and the price settled well below the 100 hourly simple moving average. A new monthly low was formed near the $190 level and the price is still trading with a bearish angle.

An immediate resistance is near the $200 level plus the 23.6% Fib retracement level of the recent drop from the $235 high to $190 low. Moreover, there is a key bearish trend line forming with resistance near $210 on the same chart. The 50% Fib retracement level of the recent drop from the $235 high to $190 low is also near the $213 level to act as a strong resistance in the near term.

On the downside, an immediate support is near the $192 and $190 levels. If there is a downside break below the $190 support, the price may test the $185 support. The main support for the bulls is near the $180 level.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is under a lot of pressure below $200, while bitcoin price dived below $9,500. Therefore, there could be more downsides below the $190 level in the near term.

ETH Technical Indicators

Hourly MACD – The MACD for ETH/USD is currently showing negative signs in the bearish zone.

Hourly RSI – The RSI for ETH/USD declined heavily and it is now well below the 40 level.

Major Support Level – $190

Major Resistance Level – $213

Tags: ETHethereum
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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